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Sunday, 24 March 2019, 20:04 HKT/SGT

Source: Zhaojin Mining
Zhaojin Mining Announces 2018 Annual Results
The Group has Achieved Steady Production and Maintained its Cash Dividend Payout Ratio over 40%

HONG KONG, Mar 24, 2019 - (ACN Newswire) - Zhaojin Mining Industry Company Limited ("Zhaojin Mining" or the "Company", together with its subsidiaries, the "Group", stock code: 1818), a leading gold enterprise in the PRC, announced its annual results for the year ended 31 December 2019 (the "year under review").

Faced with the challenges of tightening macro policies on mining industry in China, turbulence of international precious metal market and other unfavorable factors 2018, the Company strengthen the organization within the Company and achieved steady production and increased its revenue. For the Year, the Group's revenue was approximately RMB7,177,057,000 and the net profit was approximately RMB576,303,000. The basic and diluted earnings per share attributable to ordinary equity holders of the parent amounted to approximately RMB0.15 and RMB0.15, respectively. For the year, the Company has maintained the high dividend payout policy and the Board proposed the payment of a cash dividend of RMB0.04 (tax included) per share to all Shareholders. Although the total gold output in China decreased 5.67%, the Company's gold output still increased in a steady pace. For the Year, the Group's total output of gold amounted to 34,173.34 kg (approximately1,098,697.59 ozs), representing an increase of approximately 1.28% as compared to the previous year. Among which, 20,834.99 kg (approximately 669,860.04 ozs) of gold was mine produced gold, representing an increase of approximately 2.63% as compared to the previous year. Over the past one year, the Company put an emphasis on resources management with an investment of a total of RMB105 million in geological prospecting, resulting in an additional output of 52.12 tons of gold metal. According to the standards set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"), the Company's gold resources amounted to 1,231.61 tons (approximately 39,597,200 ozs), and the mineable reserves amounted to 511.24 tons (approximately 16,436,700 ozs).

With a focus of Five-optimal Competitions (excellent performance, superior management, innovative advantages, team optimization, and beautiful environment) in 2018, the Company deepened reform and promoted enterprise reform from a vertical direction. The Company has won management awards, i.e. the Most Valuable Energy & Resources Company and Best Listed Company at Social Responsibility in Golden Hong Kong Stocks Awards and Award for Promoting the Standardization of Equipment Management in China. With respect to the project construction, the Company planned to implement 56 projects with a total investment of 536 million in 2018. Steady progress was achieved concerning the Ten Major Projects, Ruihai Mining's mining, Wucailong's mining and ore processing, the deep exploration of Xiadian Gold Mine, Dayingezhuang Gold Mine, the system optimization project of Yuantong Mining and ore processing. With respect to the technology innovation, the Company launched 43 technology innovation projects with a total investment of 118 million for the year. Tax concessions of 210 million and unrequited funds of approximately RMB20 million were granted for the year. With respect to the Safety and environmental protection, the Company, by way of zoning management and with the improvement of its staff's safety awareness and the construction and operation of "Dual Prevention Systems" as its main tasks, continued to increase its efforts on safety and environmental protection and management innovation, which have ensured the stability of the safety and environmental protection situation of the Company. During the Year, a total of 200 million has been invested an additional 65 hectares were developed for the greening works of mines.

In 2019, the Company will follow the general principle of "reform, development, and stability", adopt "production + operation, management + technology, resources + capital" as the general measure, and value "systematic management, standardized work, refined process and data-based results" as the core of management. The Company will optimize the internal industrial operation and expand the external development layout, striving to implement the double H" strategy driven by high-quality development and developing itself as a world-class gold mining company with international competitiveness.

About Zhaojin Mining Industry Company Limited
Zhaojin Mining Industry Company Limited is a leading gold production enterprise in the PRC. The Group is located in Zhaoyuan City in Shandong Province - the 'Gold Capital' of China, holding 10% of the country's total gold reserves and having the longest history of gold mining in the PRC. The Group is principally engaged in the exploration, mining, ore processing, smelting and sale of gold products, and is the largest gold smelting enterprise in the PRC. The principal products of the Group include the standard Au9999 and Au9995 gold bullion of the Shanghai Gold Exchange. In addition, Zhaojin Mining also owns various gold mines throughout the northern, northwestern, southwestern areas, etc. of China. With its abundant gold resources, advanced technology and strong experience in gold product management, Zhaojin Mining should lead the Group to establish a leading position in the industry.

Mar 24, 2019 20:04 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network

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